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Y12 Macro Economics > LRAS > Flashcards

LRAS Flashcards

1
Q

what is LRAS

A
  • max combination of goods & services that could be produced
  • a shift in LRAS curve shows increase/decrease in productive potential
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2
Q

determinants of LRAS

A
  • quantity of FoP
  • quality of FoP (training)
  • productive efficiency
  • labour productivity
  • investment
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Y12 Macro Economics (10 decks)

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